Greek Monetary Economics in Retrospect: The Adventures of the Drachma

Sophia Lazaretou ()

No 2, Working Papers from Bank of Greece

Abstract: This paper enumerates the adventures of the drachma step by step, dividing its story into seven parts. Specifically, its main purpose is to present some historical perspective on the behaviour of the monetary and fiscal policies pursued in Greece during the period from the early 1830s until the introduction of the euro. For Greece and for the drachma, the lessons from the past are very important. Since the formation of the modern Greek State, government officials have striven – sometimes making hard efforts – to keep abreast of international monetary developments. This was because they understood that the participation of a peripheral, poor and inflation-prone country with a weak currency and an underdeveloped money market, like Greece of the time, in a monetary club of powerful economies could dramatically improve her international credit standing and imply important benefits in terms of exchange rate and monetary stability, and long-term foreign borrowing.

Keywords: fiscal disturbances; metallic monetary standards; fiat money (search for similar items in EconPapers)
JEL-codes: F33 N23 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2003-03
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

Published in Economic Notes, Review of Banking, Finance and Monetary Economics, 2005, 34(3), pp. 331-370

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